04/08/2024
•How to Support Economic Development in Your Community
1. Find Ways to Generate Local Revenue
Building a strong economy is at the core of a healthy community, and there are several ways to achieve this. An exciting and fresh approach is joining a giving circle or society like the Cumberland Valley Alliance, which is a philanthropic tool focused on collaborating to leverage small amounts of money to make substantial contributions and cumulative impacts.
When you join the Alliance, 100% of your investment goes to economic development initiatives such as destination marketing, business advocacy and job creation. Plus, all membership tiers provide free entry to Cumberland Area Economic Corporation Alliance events, so you’ll have plenty of opportunities to participate directly in fundraising and awareness efforts.
There are also many actions individuals can take to drive economic stimulation in their communities. Most people understand the value of shopping locally — we’ll discuss that in detail. However, one benefit that is often overlooked is banking locally. Banking locally means more money is circulating within the local economy. This creates wealth, encourages savings, and opens avenues to lend and invest in local businesses.
Another practical approach is by pledging to local funding initiatives. This giving is beneficial because most small businesses and local entrepreneurs cannot access capital. Local funding initiatives are ideal for small businesses with limited ability to secure funding.
2. Create Jobs and Entrepreneurship Opportunities
Local businesses and entrepreneurs are the lifeblood of the community. Thus, empowering them to grow and expand their businesses is one way to promote sustainability. Supporting locally owned businesses helps create jobs and keep money circulating within the community. But how do you do that?
First, provide training in leadership skills for young people. That helps you build a formidable foundation. You can also establish.
